Canyon Funds acquires the Broadway Trade Center in downtown LA
Canyon Capital Realty Advisors and Hudson Pacific Properties have committed to and funded the first tranche of a USD140 million senior bridge loan to a joint venture between Waterbridge Capital and Jack Jangana.
The loan will finance the acquisition and redevelopment of the Broadway Trade Center, a 1,080,000 square foot historic mixed-use office and retail building in the Broadway corridor of Downtown Los Angeles.
The bridge loan will be used to redevelop the property, originally built in 1908, including steps to maintain and restore historical elements of the building. Upon completion, the Broadway Trade Center will include large-plate creative office space as well as ground and second floor flagship retail spaces.
“We are pleased to provide the financing for this transformational project, which will continue the renaissance of the historic Broadway corridor, one of the most exciting emerging retail, entertainment and office hubs in Los Angeles,” says Charlie Rose, director of Canyon Realty. “Canyon was founded in Los Angeles, is headquartered in Los Angeles, and has a distinct and longstanding interest in investing in emerging markets in our city, such as the Broadway Corridor.”
“As a Los Angeles based office investor, we are pleased to invest alongside Canyon in this loan,” says Alex Vouvalides of Hudson. “We speak with creative office tenants on a daily basis, and with the influx of new residential developments and robust amenity base, the historic core of Downtown Los Angeles has become a desirable alternative for tenants.”
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